Issues
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Financial institutions becoming more selective when funding the automotive industry -
New plan involves hiring to make ECM and M&A revenues match DCM in three years
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Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here
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Reforms to Solvency II rules make non-STS securitizations cheaper investments for insurers
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Order attrition has been high, and two less well-known names have paused plans to issue
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◆ €500m 6NC5 senior priced at 90bp over mid-swaps ◆ Concession debated ◆ Rounds out a successful year for Greek banks
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◆ Final book under €800m ◆ 'Low single digit concession' ◆ 'Trickier' for German LBs in senior than covered
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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
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More subordinated bonds have come from CEE this week than in all of 2024
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Books were more than three times the deal's $1bn size, although orders did leave
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Hires come as BNP Paribas climbs UK ECM league table
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◆BPCE seizes moment in 'very volatile' market ◆ Book supports larger £400m size ◆ Fair value debated
